VeChain and DNV GL Release VeTrust, A New Blockchain-based Risk Self-assessment Application To Tackle Infection Risk Management For Hotels In China
September 9, 2020, Shanghai, China— In the face of the long-term impact of the COVID-19 on the global economy, VeChain, together with DNV GL, have jointly introduced a blockchain-based risk self-assessment application named VeTrust. It provides hotels with an effective risk self-assessment toolkit to enhance safety and risk management during and after the pandemic.
By using the one-stop data BaaS platform VeChain ToolChain™, VeTrust combines DNV GL’s infection risk management methodology and track record to help businesses start managing COVID-19 risk factors, starting with small to mid-scale hotels in China.
Mitigating COVID-19 Risk Using Blockchain Technology and Third-party Assurance
The sudden outbreak of COVID-19 swept through the globe. The China Hospitality Association revealed that China’s hotel industry lost over $9.44 billion in revenue. A total of 74.29% of hotels were closed for an average 27 days. Long-term recovery of China’s hotel industry depends upon the ability to manage customer concerns and restore trust between the company and the customers.
With VeTrust, hotels can provide immutable and trustworthy proof of cleanliness standards at their hotel, such as food preparation and housekeeping practices.
By leveraging the data visualization module of VeChain ToolChain™, VeTrust helps the hotels present immutable and trustworthy information stored on the VeChainThor public blockchain. The level of readiness of the hotels will be shown by scanning a QR-code (Green — Conformity, Yellow — Readiness, Red — Nonconformity).
VeTrust: Easy Way For Businesses To Utilize Professional Services and Blockchain Technology
By using VeChain ToolChain™, VeTrust builds a standard checklist for self-assessment in infection risk management. On one hand, it brings together aspects of DNV GL’s infection risk management healthcare standards, best practices in risk management, HSE (health, safety, and environment) and quality management systems and maturity safety rating standards. On the other hand, the integration of blockchain technology streamlines stakeholders across different operational stages, significantly lowering the operation cost.
On top of this, VeTrust provides long-term benefits by constantly updating online training materials and in-app assessment checklists to provide hotels with solutions that are most relevant to current regulatory standards and consumer concerns. Characterized by its stable and controllable cost, VeTrust is currently an ideal entry-level application for hotels of all types to access “blockchain+professional services” quickly, efficiently and cost-effectively.
VeTrust is at the forefront of helping businesses, starting with the small to mid-scale hotel industry in China to mitigate the COVID-19 risk factors by enhancing their risk management and control.
VeChain and DNV GL will continue to seize the opportunity brought forward by the increasing demand for digital transformation worldwide. Both companies are ready to develop more digital solutions to expand and improve their offerings to serve more enterprise clients worldwide.
Launched in 2015, VeChain connects blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco. Together with our strategic partners PwC and DNV GL, we have established cooperative relations with many leading enterprises in different industries, including Walmart China, BMW, BYD Auto, Haier, H&M, LVMH, D.I.G, ENN, Shanghai Gas, AWS, PICC, ASI etc.